Small Business Finance News

Advice For SMBs On Cutting Costs To Stay Afloat

Written by Ken GaeblerPublished: 6/30/2009

According to the experts, basic cost-cutting strategies are essential in helping SMBs survive a down economy.

Navigation Financial Group recently released some guidelines for weathering the economic downturn, and their news for small business owners is straightforward - it takes just three simple steps to cut costs and improve performance.

The first step - refinancing or renegotiating - is much more feasible now that lenders are more concerned with preventing defaults than keeping original terms, said Clyde Watt, managing director of Navigation Financial Group.

Watt also advised renegotiating contracts with vendors, who would often rather reduce their costs than lose business.